Wednesday, May 7, 2008

Regency Centers Reports First-Quarter Results



JACKSONVILLE, Fla.--(BUSINESS WIRE)--Regency Centers Corporation (NYSE:REG) reports financial and operating results for the quarter ended March 31, 2008.


(Martin E. "Hap" Stein Jr., chairman, Regency Centers Corp., is at top right photo. Mary Lou Fiala, president and chief operation officer, is at top left). Hap and Joan Stein founded Regency Centers in 1963)

Funds From Operations (FFO) for the first quarter was $61.2 million, or $0.87 per diluted share, compared to $79.1 million and $1.13 per diluted share for the same period in 2007.


The change in FFO per share is primarily related to transaction profits of $2.6 million in the first quarter of 2008 compared with profits of $22.8 million in the first quarter of 2007.


Regency reports FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (NAREIT) as a supplemental earnings measure. The Company considers this a meaningful performance measurement in the Real Estate Investment Trust industry.


Net income for common stockholders for the quarter was $26.7 million, or $0.38 per diluted share, compared to $52.1 million and $0.75 per diluted share for the same period in 2007.


(For a detailed copy of the company's news release, please contact Lisa Palmer, Regency Centers Corp., 904-598-7636)
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Interstate Hotels & Resorts Reports First-Quarter 2008 Results

ARLINGTON, Va., May 7, 2008—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent operator of full and select-service hotels, today reported operating results for the first quarter ended March 31, 2008.

(Thomas F. Hewitt, top left photo, is president and chief executive officer, at Interstate Hotels & Resorts.)

(For a detailed copy of the news release, please contact Carrie McIntyre, senior vice president and treasurer, 703 387 3320 or Julie Tullbane at Daly Gray Public Relations, 703 435 6293.)

Highlights for the first quarter include:

· Completed acquisition of four-hotel portfolio from The Blackstone Group for $209 million through our joint venture with Harte Holdings of Ireland;

· Formed joint venture with FFC Capital which then acquired 22 select-service hotels;

· Formed joint venture with JHM Hotels to operate and invest in hotel properties in India, signed first management contract in April 2008;

· Committed to invest $6.3 million in Duet India Hotels Limited, a U.K.-based, real estate investment fund dedicated solely to the investment of hotels in India;


· Recorded a gain of $2.4 million from the sale of a joint venture hotel. This gain is classified as a non-recurring item and has been excluded from Adjusted EBITDA, Adjusted net income, and Adjusted diluted EPS;

· Added a total of 34 management contracts, including those listed above.
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Industrial Team at Southern Commercial Completes New 36,994-SF Lease at Crownpoint VI in Orlando

ORLANDO, FL.Principals Tom McFadden, SIOR and William “Bo” Bradford, CCIM, SIOR of Southern Commercial Real Estate Advisors completed a 36,994 square foot new lease at 7272 Kingspointe Parkway (Crownpointe VI) in Orlando.

McFadden and Bradford represented the landlord, McDonald Development Company. The tenant, Europa Sports Products was represented by Wilson McDowell with Colliers Arnold. The Crownpointe VI building was completed in September 2007, and as a result of this new lease is now 100% occupied.

CONTACT:

Celeste MacKenzie
Southern Commercial Real Estate Advisors
20 N. Orange Ave., Suite 605
Orlando, FL 32801
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HFF Arranges Loan for Chicago CBD Class A+ Office Building



CHICAGO, IL, May 7, 2008– The Boston and Chicago offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged financing for 550 West Washington,(photo above) a Class A+ office building located in Chicago’s West Loop.

HFF director Tim Joyce (top right photo) and senior managing directors Mike Kavanau (photo at left) and Fred Wittmann (photo at left below Kavanau) (Boston) led the debt placement team that secured $72.1 million for an affiliate of Beacon Capital Partners, LLC.

The 5.84%, five-year fixed-rate loan was provided by Landesbank Hessen-Thuringen Girozentrale (Helaba). Based in Boston, Beacon Capital Partners sponsors real estate investment funds that focus on office property investments in a select number of target markets throughout the United States and Western Europe.

550 West Washington is 97.5% leased to investment grade tenants. The 371,415-square-foot, 16-story property is located in the west loop submarket of Chicago’s CBD.

“550 West Washington generated huge interest from the lender community given the superior sponsorship and strong tenancy,” said Joyce.

CONTACTS:

Laurie Fish McDowell
HFF Associate Director, Marketing
One Post Office Square, Suite 3500
Boston, MA 02109
tel 617.338.0990
fax 617.338.2150

Michael A. Kavanau
HFF Senior Managing Director
312 528 3650

Timothy J. Joyce
HFF Director
312 528 3650
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SchenkelShultz Architecture Designs Edison College's New Early Childhood Development Center in Naples, FL

ORLANDO, FL – SchenkelShultz Architecture, Orlando, announced the firm designed Edison College’s new $3.4 million, 10,000-square-foot Early Childhood Development Center (photo at left below) at its Collier County Campus in Naples, FL.

Designed to be the college’s first LEED®-certified facility, the environmentally-friendly building will serve the childcare needs of staff and students as well as provide for the needs of underprivileged children in Collier County.

The center’s mission is to provide students pursuing early developmental and elementary education with the opportunity to work with the facility’s staff and children on an internship basis.

Sources of funding for the project include $1.65 million from the Naples Children and Education Foundation and $1.65 million from state matching funds. Kraft Construction Company, Naples, FL, serves as construction manager for the center which is slated for completion in November 2008. The Orlando office of SchenkelShultz is located at 200 East Robinson Street, Suite 300, Orlando, FL, phone 407-872-3322.

Also commemorating 25 years in Florida under the leadership of J. Thomas Chandler, (top right photo) AIA, President and COO, the firm established its Orlando office in 1983 and subsequently expanded with five additional offices in Fort Myers, Jacksonville, Naples, Tampa and West Palm Beach.

“At SchenkelShultz,” said Chandler, “our focus is on architecture but our passion transcends excellent design. Our firm,” he added, “is continuously evolving to anticipate and adapt to ever-changing market trends, and is dedicated to building positive, successful relationships with our valued clients, employees and communities.”

CONTACT:

Kenneth H. Cristol, President,
Cristol Marketing Company
237 Hunt Club Blvd., Suite 102,
Longwood, FL 32779 USA
PH 407-774-2515
FX 407-774-6647
Strategic Marketing, Brand Management,
Publicity and Advertising,
and Corporate Communications
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Grubb & Ellis|Commercial Florida Secures Exclusive Landlord Representation Assignment in Tampa

TAMPA, FL – Grubb & EllisCommercial Florida has secured the exclusive landlord representation and marketing assignment for Interstate Business Park located in Tampa, Florida.

Chuck Bohac (top right) and Kostas Stoilas, (photo at left) in the company’s Industrial Group secured the assignment for the 176,000-square-foot Interstate Business Park, located at 8402 Laurel Fair Circle in Tampa.

Directly across from the Florida State Fairgrounds and the Ford Amphitheatre, International Business Park offers office, flex, and distribution warehouse space. “Excellent amenities, ample parking and easy access to the major highways and roadways connecting Tampa Bay’s industrial submarkets make International Business Park a prime location for tenants of all types.” Stoilas stated.

Bohac added, “We believe Interstate Business Park is an excellent opportunity for companies to pull from the extensive labor pools available in Brandon, Riverview, and North Tampa.”

International Business Center boasts a central location and offers unparalleled access to both Tampa and Orlando. Both brokers cite competitive lease rates and available incentives to be a major factor in attracting tenants to the business park.

For more information, contact:
Chuck Bohac, Grubb & EllisCommercial Florida 813-830-7881, cbohac@commercialfl.com;
Kostas Stoilas, Grubb & EllisCommercial Florida 813-830-7524, kstoilas@commercialfl.com
Larry Lietzman, Grubb & EllisCommercial Florida, 813-639-1111
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